BlockBeats news, on May 15, according to Cointelegraph, based on Technical Analysis, XRP has formed a double top at $2.65, with the neckline at $2.47, and the rising wedge has broken down. Technical indicators show that if it continues to fall below this position, the downside target is $2.30, with a possibility of a pause in the upward trend. If it falls below the lower band support, it could accelerate a 20% drop to $1.94. There is a $50 million long positions leverage in the $2 to $2.04 range, and the liquidation risk will exacerbate selling pressure. The on-chain NUPL indicator (Net Unrealized Profit and Loss) has entered the “belief-denial” zone, and history shows that this position often signals a significant pullback, as seen in 2018 and 2021. The short-term Bull vs Bear Battle for XRP is intensifying, and if it can break through the multi-month falling wedge, the target for June is $3.69 (+45%), with symmetrical triangle and Fibonacci extension pointing to a long-term target of $5.24.
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